22AMembers of approved superannuation schemes

22A Members of approved superannuation schemes

(1) In this section scheme of superannuation has the same meaning as in Part V.

S. 22A(2) amended by No. 46/1998

(2) The Governor in Council, on the recommendation of the Minister, may by Order published in the Government Gazette declare a scheme of superannuation to be an approved superannuation scheme for the purposes of this section.

(3) Notwithstanding anything to the contrary in this Act—

(a) a permanent employee who wishes to become a member of an approved superannuation scheme may elect to cease to contribute in accordance with the provisions of this Act and, subject to subsection (7), shall on the day prior to becoming a member of the approved superannuation scheme be deemed to have ceased to be a permanent employee for the purposes of this Act; or

(b) an employee who is a member of an approved superannuation scheme may within 3 months prior to becoming a permanent employee elect not to contribute in accordance with the provisions of this Act and, subject to subsection (7), shall thereupon be deemed to have ceased to be an employee for the purposes of this Act.

(4) A member ceasing to be a permanent employee pursuant to subsection (3)(a) may elect to be entitled to—

(a) deferred retirement benefits payable under section 38; or

(b) benefits payable under section 37; or

(c) the transfer of the benefits payable under section 37 in respect of the member to the administrators, trustees or managers of the approved superannuation scheme to be held for the member's benefit.

(5) An election made under subsection (4) shall be of no effect unless it is made in writing within three months of the member ceasing to be a permanent employee or within one month of the Board notifying the member in writing of the right to make the election (whichever is the later).

(6) If a member receives a notice under subsection (5) but fails to make an election within the period of election specified in that subsection the member shall be regarded as having elected to receive a benefit in accordance with subsection (4)(b).

(7) Notwithstanding anything to the contrary in this Act, a member of an approved superannuation scheme shall not be entitled to contribute in accordance with the provisions of this Act while remaining a member of the approved superannuation scheme but shall, subject to this Act, on ceasing to be a member of the approved superannuation scheme again become an employee or permanent employee for the purposes of this Act.